Delivery volumes of Tata Steel up 18% during first quarter
New Delhi: Domestic deliveries were the driving force for Tata Steel Limited in the first quarter of Fiscal Year 2024 (Q1 FY24) with an 18 per cent increase in domestic volumes Y-o-Y over key segments, said the steel company in a forward looking statement today.Provisional delivery volumes for the Indian vertical of the company stood at 4.8 million tons, an 18 percent Y-o-Y rise. While the Exports moderated on a Y-o-Y basis to 0.25 million tons, as the company’s Europe and Thailand vertical saw decline in deliveries.
The planned relining of BF6 at Tata Netherlands, commenced pin April, was the cause of this problem leading to a drop in crude steel production at Tata Steel Europe. Crude steel production stood at 1.81 million tons while deliveries stood at 1.97 million tons.Key segments like ‘Branded Products & Retail’ and ‘Industrial Products & Projects’ were the biggest gainer in terms of delivery volumes, with the segments experiencing a Y-o-Y increase of 37 percent and 24 percent respectively.
The steel producers attributed this growth to the sale of well-established brands as well as the sale of value-added products to key segments like railways, Pre-engineered buildings, etc.While delivery volumes in the ‘Automotive & Special Products’ were broadly similar on Y-o-Y basis, with sub-segments; passenger vehicles and 2-wheelers saw their production rise while production of commercial vehicles declined, the company added.The Indian steel manufacturer also recorded a provisional production volume of 5.01 million tons, a 2 percent Y-o-Y growth. The company attributed this growth to the ramp up at their latest addition of Neelachal Ispat Nigam Limited, but it was comparatively lower than previous quarter owing to planned
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